Burlingame, Dec. 22, 2023 (GLOBE NEWSWIRE) -- As per the recent analysis by Coherent Market Insights, the global plastic waste management market size was valued at USD 35.71 billion in 2022. The market is projected to grow from USD 46.33 billion by 2030, at a CAGR of 3.3% during the forecast period. The Plastic Waste Management Market is driven by two key factors. Firstly, the increasing implementation of strong environmental regulations globally is propelling the demand for effective plastic waste management solutions. Governments and regulatory bodies are implementing stringent rules and regulations to reduce the adverse impact of plastic waste on the environment. This has led to the adoption of advanced waste management technologies and practices, driving the growth of the market.
Secondly, the growing awareness among consumers about the harmful effects of plastic waste and the need for sustainable solutions is also fueling the market growth. Consumers are becoming more conscious about their carbon footprint and are actively seeking products and services that promote environmental sustainability. This has created a demand for eco-friendly plastic waste management solutions.
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Market Trends:
The Plastic Waste Management Market is witnessing two key trends. Firstly, there is a rising trend of recycling and reusing plastic waste to minimize its environmental impact. Various recycling technologies such as mechanical recycling, feedstock recycling, and chemical recycling are being developed and implemented to convert plastic waste into valuable resources. This trend is expected to continue, driven by the need for sustainable waste management practices.
Secondly, the market is witnessing a trend of technological advancements in plastic waste management solutions. Innovations such as smart waste management systems, IoT-enabled waste collection bins, and robotic sorting systems are revolutionizing the waste management industry. These technological advancements improve the efficiency and effectiveness of plastic waste management processes, further driving the market growth.
Market Opportunities:
Growing demand for sustainable waste management solutions
The Plastic Waste Management Market is expected to witness significant growth during the forecast period, driven by the increasing demand for sustainable waste management solutions. With the rising environmental concerns associated with plastic waste, governments, businesses, and consumers are actively seeking ways to manage and recycle plastic waste effectively. This has created opportunities for companies operating in the plastic waste management market to offer innovative solutions and technologies for collection, recycling, incineration, and landfilling of plastic waste. The market size of the plastic waste management market is projected to reach US$ 35.71 billion by 2022, with a CAGR of 3.3% during the forecast period.
Rising awareness and adoption of circular economy concepts
The plastic waste management market is also benefiting from the growing awareness and adoption of circular economy concepts. The circular economy aims to reduce waste and maximize the value of resources by promoting reuse, recycling, and repurposing of materials. As the plastic waste problem becomes more apparent, governments and organizations around the world are implementing initiatives and regulations that support the transition towards a circular economy. This presents a significant market opportunity for companies operating in the plastic waste management industry to develop and offer solutions that enable the efficient and sustainable management of plastic waste within the circular economy framework.
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Recent development:
In April 2019, Waste Management purchased Advanced Disposal Services, Inc., in order to increase its national reach and penetrate additional states.
Key Market Takeaways:
The Plastic Waste Management Market is anticipated to witness a CAGR of 3.3% during the forecast period 2023-2030, owing to the increasing demand for sustainable waste management solutions and the rising awareness and adoption of circular economy concepts.
On the basis of the service segment, the collection segment is expected to hold a dominant position. This is due to the need for effective and efficient collection systems to ensure the proper disposal and recycling of plastic waste.
In terms of polymer type, polypropylene is expected to dominate the market. This can be attributed to the extensive use of polypropylene in various industries and the high recyclability of polypropylene-based products.
In terms of sources, the residential segment is expected to dominate the market. The increasing population and urbanization have led to a rise in plastic waste generated from residential areas, creating a need for efficient waste management solutions.
In terms of region, Asia Pacific is expected to hold a dominant position over the forecast period. The region's rapid industrialization, population growth, and increasing environmental concerns are driving the demand for plastic waste management solutions.
Key players operating in the plastic waste management market include Veolia, SUEZ Group, Waste Management, Waste Connections, CLEAN HARBORS INC., and many more. These companies play a crucial role in providing comprehensive waste management solutions and technologies to address the growing plastic waste problem.
Overall, the plastic waste management market presents significant market opportunities for companies to contribute to a more sustainable and circular economy by offering innovative waste management solutions. With the rising demand for sustainable waste management and the increasing adoption of circular economy concepts, the market is set to witness steady growth in the coming years.
Read complete market research report," Plastic Waste Management Market, By Service, By Polymer Type, By Source, By Geography, Market Size And Share Analysis - Growth Trends And Forecasts 2023-2030", Published by Coherent Market Insights.
Detailed Segmentation:
- Global Plastic Waste Management Market, By Service
- Collection
- Recycling
- Incineration
- Landfills
- Global Plastic Waste Management Market, By Polymer Type
- Polypropylene (PP)
- Low-density Polyethylene (LDPE)
- High-density Polyethylene (HDPE)
- Polyvinyl Chloride (PVC)
- Polyurethane (PUR)
- Polyethylene Terephthalate (PET)
- Others
- Global Plastic Waste Management Market, By Source
- Residential
- Commercial
- Industrial
- Global Plastic Waste Management Market, By Region
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
- North America
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